Note: Estimates appear in italics. All performance data is since program inception.

Strategy Description

Red Oak's trading strategy is driven by fundamentals: specifically grounded in Mr. Gerstein's (Chief Investment Officer) experience in and knowledge of the different commodity and commodity-related markets and the various fundamental factors which affect each of such markets. Thus, Red Oak's approach is neither technically-based nor trend-following. Its fundamental research disciplines attempt to step beyond the near term "noise" of leveraged volatile markets. The firm's research focus is on significant and somewhat longer-term market forces. Red Oak believes that the fundamental forces driving major price changes can be isolated and anticipated. Red Oak employs risk control procedures in an effort to preserve capital and protect against material forecasting errors. A predetermined dollar level of acceptable loss per position is calculated based on volatility and risk-reward dynamics.

Performance Statistics

Date Range: 12/89 - 04/19

Program

S&P 500

Altegris 40

Total Return

1546.28%

1492.19%

559.75%

Annualized Return

9.99%

9.87%

6.64%

Annualized Std. Deviation

25.33%

14.21%

11.14%

Correlation

0.28

0.19

Sharpe Ratio (rf=2.5%)

0.30

0.52

0.37

Worst Month

-23.72%

-16.79%

-8.16%

Date of Worst Month

08/1998

10/2008

01/1992

Worst Drawdown

-56.25%

-50.95%

-15.74%

Date of Worst Drawdown

3/15 - 2/19

10/07 - 2/09

4/11 - 9/13

Note: Estimates appear in italics. All performance data is since program inception.

Annual Performance (%)

Date Range: 12/89 - 04/19

Year or YTD

Program

S&P 500

Altegris 40

2019

-7.23

18.24

5.17

2018

-36.32

-4.38

-4.29

2017

-9.05

21.84

1.24

2016

6.59

11.98

-3.13

2015

-11.51

1.41

0.09

2014

13.08

13.69

15.75

2013

6.51

32.41

-2.45

2012

1.72

15.98

-4.75

2011

-6.55

2.12

-3.23

2010

16.71

15.06

11.33

2009

25.45

26.45

-7.98

2008

-1.86

-36.99

15.47

2007

28.92

5.50

7.18

2006

30.67

15.79

6.70

2005

21.16

4.89

4.51

2004

-1.80

10.87

2.57

2003

75.51

28.69

15.99

2002

35.07

-22.10

15.22

2001

-18.84

-11.88

5.39

2000

7.57

-9.09

10.63

1999

79.32

21.04

0.87

1998

-18.73

28.58

12.61

1997

43.58

33.38

10.22

1996

-6.89

22.96

16.04

1995

28.95

37.57

13.16

1994

5.58

1.32

-5.46

1993

13.26

10.08

14.66

1992

-2.53

7.65

0.89

1991

6.84

30.47

15.12

1990

51.98

-3.10

37.15

Note: Estimates appear in italics. All performance data is since program inception.

Performance Comparison

Date Range: 12/89 - 04/19

Note: All performance data is since program inception.

Monthly Returns

Date Range: 12/89 - 04/19

Note: All performance data is since program inception.

Distribution of Monthly Returns

Date Range: 12/89 - 04/19

Note: All performance data is since program inception.

Underwater Curve

Date Range: 12/89 - 04/19

Note: All performance data is since program inception.

Underwater Curve

Manager Information

Manager Name:

Red Oak Commodity Advisors, Inc.

Address:

600 Sylvan Avenue, Suite 307

City:

Englewood Cliffs

State:

NJ

Zip:

07632

Country:

USA

Key People

Name:

Gary A. Gerstein

Position:

Principal

Biography:

Gary A. Gerstein is the co-founder, Managing Director, Chief Investment Officer, President, and Secretary of Red Oak Commodity Advisors. In these roles, Gary is responsible for all investment aspects of the firm. He developed the firm’s fundamental investment approach and discretionary trading methodology, and is responsible for the research and implementation of the strategy. He directs and supervises Red Oak’s trader and oversees all aspects of trading, accounting, and performance reporting. He is a principal, an associated person, and a member of the NFA.
Prior to entering the managed futures industry, Gary was a managing director in Red Oak Advisors, Inc., a Registered Investment Advisory firm. Red Oak Advisors and Red Oak Commodity Advisors merged, and the combined company took the name Red Oak Commodity Advisors, Inc. Red Oak no longer provides such securities investment advisory services.
Gary's strategy in managing commodities and futures is grounded in his highly distinguished career as an equity money manager. It is driven by economic and financial fundamentals, and his experience in and knowledge of the different commodity and commodity-related markets and the various fundamental factors that affect each market. Gary is a contrarian, more likely to be attracted to the buy side of declining markets and to the sell side of those rising. An economist by training, he knows history and cycles and he often sees changes coming that others either miss or do not have the confidence to act on. He seeks investment opportunities that have not yet been reflected in markets, but that he considers have a high probability of doing so. He is looking not for short-term blips but long-term major moves in the diversified markets he trades.
After serving in the United States Army and working for the Federal Deposit Insurance Agency, Gary began his investment career in the Trust Department at the then Chase Manhattan Bank. He was an analyst, a portfolio manager, and eventually the Director of Research. With Chase Investment Management Corp. he held the positions of Investment Officer, Vice President, and Senior Vice President at the time of his departure. Gary was employed as a Portfolio Manager and Vice President for Neuberger & Berman, a registered broker-dealer, and he was Co-Chief Investment Officer and Co-Managing Partner of Century Capital Associates, a Registered Investment Advisory firm.
Gary received an MA in Economics from Rutgers University and a BS in Economics from New York University. He also has obtained the Chartered Financial Analyst designation.
In 2011 Gary and Phyllis Weaver founded the Urban Education Internships to introduce highly intelligent and motivated college students to The Young Women’s Leadership Network’s schools and programs. They also funded six Metcalf Summer Fellowships for University of Chicago undergraduate students to work in nonprofit organizations. Recently they endowed the Red Oak Odyssey Scholarship at the University of Chicago to provide support for worthy and deserving undergraduate students.
Co-Founders Gary Gerstein and Phyllis Weaver are partners in business and partners in life. They formed Red Oak three years after their marriage. Both partnerships are highly successful. For the clients it means that there are no gaps in communication and the clock doesn't stop when the office doors close.

Name:

Phyllis Weaver

Position:

Principal

Biography:

Phyllis Weaver is Co-Founder, Treasurer and Compliance Officer of Red Oak Commodity Advisors, Inc. In these roles, Phyllis oversees marketing and client services, financial accounting, and all aspects of administration. As Compliance Officer, she works directly with ACA Compliance Group keeping Red Oak up to date and fully compliant with all relevant CFTC and NFA regulatory requirements. She is a principal, an associated person, and a member of the NFA.
After earning an MBA from Stanford University, Graduate School of Business, Phyllis began her investment career on the New York Institutional Sales desk of the then Goldman Sachs & Co as a Research Liaison. She moved to the High Net Worth Individual Sales group and was Vice President at the time of her departure.
Phyllis’s expertise, demonstrated both at Red Oak and at Goldman Sachs, is in attracting financial assets. She built her book of business at Goldman Sachs largely by cold-calling prospective clients, and when she and Gary Gerstein founded Red Oak, she used those same skills to put Red Oak on the CTA map. Phyllis credits her earlier academic training and career in teaching and research for her success in marketing and client services.
With an MEd in Higher Education and a PhD in Language Communications both from the University of Pittsburgh, Phyllis joined the faculty of the Harvard University Graduate School of Education where she was first an Assistant then an Associate Professor. She taught and advised masters and doctoral students; wrote and edited books and articles; secured research grants from the Office of Naval Research and The Spencer Foundation, among others; and was an author of one of the most widely used K-8 reading series in the nation. She was granted a BS in Education from Ohio State University.
Phyllis has been an active philanthropist in urban education. She served on the Board of Directors of the Young Women’s Leadership Network in New York City, chairing the Girls’ Education Committee and with Gary Gerstein founded the Urban Education Internship Program to introduce highly intelligent and motivated undergraduate and graduate students to the Young Women’s Leadership Network’s schools and programs. Phyllis directed the program and served as mentor to the interns.
Previously, Phyllis was actively involved in development for the University of Chicago. During son Charlie Gerstein’s undergraduate years there, she was founding Chair of the Parent and Family Leadership Council, the major gifts arm of the Parents Program. She remained Chair for an unprecedented three years. Over those same years Phyllis and Gary Gerstein funded six Metcalf Summer Fellowships for University of Chicago undergraduate students to work in nonprofit organizations. In 2010 they endowed the Red Oak Odyssey Scholarship to provide support for worthy and deserving undergraduate students.

There are substantial risks and conflicts of interests associated with Managed Futures and commodities accounts, and you should only invest risk capital. The success of an investment is dependent
upon the ability of a commodity trading advisor (CTA) to identify profitable investment opportunities and successfully trade. The identification of attractive trading opportunities is difficult, requires skill,
and involves a significant degree of uncertainty. CTAs have total trading authority, and the use of a single CTA could mean a lack of diversification and higher risk. The high degree of leverage often obtainable
in commodity trading can work against you as well as for you, and can lead to large losses as well as gains. Returns generated from a CTA’s trading, if any, may not adequately compensate you
for the business and financial risks you assume. You can lose all or a substantial amount of your investment. If you use notional funding, you may lose more than your initial cash investment. Managed
Futures and commodities accounts may be subject to substantial charges for management and advisory fees. It may be necessary for accounts that are subject to these charges to make substantial
trading profits in order to avoid depletion or exhaustion of their assets. The disclosure document contains a complete description of each fee to be charged to your account by a CTA. CTAs may trade
highly illiquid markets, or on foreign markets, and may not be able to close or offset positions immediately upon request. You may have market exposure even after the CTA has a request for closure or
liquidation. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.